Shepherd Wealth & Retirement - May 2018

3 THINGS TO DO BEFORE THE TRIP TRAVELING WITH THE GRANDKIDS?

As we discuss values and passing them on to your loved ones, it’s also important to revisit the tangible assets you hand over to your family. This is why we recommend periodically taking a thorough look through your estate plan. There are key questions you should ask as your life changes and grows. You don’t want dividing your estate to end up dividing your family, and that means going back every now and then to ask yourself, “Why did I do it this way?” Here are three major events that should trigger a review of your estate plan. CHANGE IN FAMILY DYNAMIC This change can come in the form of events like a divorce, new births, or unexpected deaths that cause a shift in responsibilities. The last thing you want is an estranged ex-spouse to remain in a will or accidentally leave out a grandchild. It may seem like a no-brainer, but anyone going through a major life change like this can get distracted It’s extremely common for portfolios to change enough that a will needs to be altered. This shift could go in either direction. If you lose funds, it might change the prioritization of where your assets should go. On the other hand, acquiring businesses, gaining real estate, or experiencing stock-portfolio growth may compel you to appoint new beneficiaries or change the organization of your will. CHANGE IN LOCATION After packing up all your belongings, organizing your family, and traveling to another state, you may lose sight of how the move affects your estate plan. Each state has different tax laws, rates, and even trust laws. If you move to or from a community-property state to a state that does not have the same laws, you could be jeopardizing the functionality of your estate plan. As you prioritize passing on good values to your family, don’t forget to make sure your assets will be handed over exactly as you intend them to be. It’s pivotal to have a conversation with your beneficiaries about this, especially when situations change. If you have questions on how to set up your nest egg to maximize its value, reach out to us today. IS YOUR NEST EGG GOING WHERE YOU WANT IT TO? WHY YOU SHOULD REVISIT YOUR ESTATE PLAN and forget their estate plan. CHANGE IN FINANCES

We could all use a vacation, and if you’re looking to bond with your grandkids, a trip might be the perfect answer. It’s fun for you, and getting away from Mom and Dad for a while is thrilling for any kid. But before you board a plane to Italy with your granddaughter or rent an RV for a trip to Yellowstone with your grandsons, there are a few

things you need to check off your to-do list. DON’T LET THE PARENTS WORRY

Letting their kids go on a trip without them can be nerve-wracking for parents. Don’t view parental worries as an implication that you are an irresponsible grandparent. Instead, think about how you felt when your own children were young, and take steps to alleviate the parents’ concerns. If your daughter asks you not to be on your phone while in crowded public places because she’s concerned you might lose sight of her child, promise to keep the phone in your pocket. If your son-in- law wants regular updates, make time before bed for your grandchild to call home and tell her father about all the fun she’s having. A little compromise can lead to less stress and more fun for everyone. PACK NECESSARY DOCUMENTS You need to have some form of ID for your grandkids. Older kids can use a driver’s license, but if you’re traveling with little ones, find a copy of their birth certificates. You also need copies of insurance and prescription cards and a notarized letter from the parents granting you permission to authorize medical care in case of an emergency. It’s also a good idea to have a letter of permission for your grandkids to travel with you. Make sure the letter is signed by all legal guardians, especially if your grandchild’s parents are divorced. You don’t want to accidentally cause a custody dispute. PLAN A TRIP YOU’LL BOTH LOVE When planning your itinerary, ask yourself if your grandkids will have fun, too. You might be excited to visit an art museum, but a younger child might not appreciate it as much. This doesn't mean you shouldn’t visit museums or historical sites! In fact, most of these places offer kid- centric activities, like scavenger hunts, that can help a younger audience engage with the environment. Just be sure to think of your grandchild first when planning. There’s nothing like the adventure of travel to bring generations closer together and create lasting memories. These tips will help you ensure those memories are good ones. Happy travels!

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